Floating Production Storage and Offloading Market Report 2026

The floating production storage and offloading market size has grown strongly in recent years. It will grow from $22.7 billion in 2025 to $24.52 billion in 2026 at a compound annual growth rate (CAGR) of 8%. The growth in the historic period can be attributed to expansion of offshore oil and gas exploration, preference for floating production solutions, development of deepwater reserves, advancements in offshore engineering, long-term offshore field development strategies.

The floating production storage and offloading market size is expected to see strong growth in the next few years. It will grow to $33.91 billion in 2030 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increasing investments in offshore energy projects, rising demand for flexible production infrastructure, expansion of digital offshore operations, growing focus on cost-efficient field development, increasing modernization of existing fpsos. Major trends in the forecast period include increasing deployment of modular fpso designs, rising use of digital asset monitoring systems, growing focus on deepwater and ultra-deepwater projects, expansion of redeployed fpso units, enhanced emphasis on operational efficiency and safety.

Rising demand for renewable energy is expected to propel the growth of the floating production storage and offloading (FPSO) market going forward. The increasing adoption of renewable energy is driven by heightened global concerns about climate change, the need for improved energy security, continuous technological advancements that enhance efficiency, and supportive government policies promoting sustainable energy solutions. FPSOs are increasingly being utilized in renewable energy applications, including as platforms for floating offshore wind farms, wave energy systems, and offshore hydrogen production, expanding their role beyond traditional oil and gas operations. For instance, in January 2024, according to WindEurope, a Belgium-based association representing the wind energy sector, Europe added 4.2 GW of offshore wind capacity in 2023, an increase of 1.7 GW compared with 2022. Of this, 3 GW was developed within the European Union, reflecting a year-on-year increase of 2.1 GW. Therefore, rising renewable energy demand is driving the growth of the floating production storage and offloading market.

Major companies operating in the floating production storage and offloading market are focusing on digital transformation initiatives, such as digital production optimization platforms, to improve offshore asset performance, operational efficiency, and sustainability. A digital production optimization platform is a software-based solution that uses real-time data analytics, machine learning, and advanced monitoring tools to optimize FPSO operations. These platforms enable predictive maintenance, improved production efficiency, reduced downtime, and lower emissions compared with conventional reactive monitoring approaches. For instance, in October 2025, SLB S.A., a Houston-based oilfield services company, in collaboration with SBM Offshore N.V., launched a digital alliance aimed at enhancing FPSO production performance. The platform integrates real-time monitoring, predictive analytics, and automated control capabilities, allowing operators to analyze data across multiple FPSO systems. Its features include AI-driven anomaly detection, digital twin technology, and seamless integration with existing FPSO infrastructure, supporting proactive maintenance strategies, optimized hydrocarbon recovery, and sustainability objectives.

In April 2024, EIG Global Energy Partners, a US-based energy and infrastructure investment firm, together with Lake Capital Investimentos, a Brazil-based private equity company, acquired Ocyan Participações S.A. for approximately US$ 390 million. Through this acquisition, the investors aim to strengthen their presence in Brazil’s offshore oil and gas sector by leveraging Ocyan’s operational expertise and integrating it with their existing energy portfolios. Ocyan Participações S.A. is a Brazil-based offshore oil and gas services provider specializing in FPSO operations, subsea construction, maintenance services, and offshore decommissioning activities.

Major companies operating in the floating production storage and offloading market are Exxon Mobil Corporation, Shell plc., TotalEnergies SE, Eni S.p.A, China National Offshore Oil Corporation, Petróleo Brasileiro S.A., ConocoPhillips Company, Repsol S.A., Chevron Corporation, Woodside Energy Group Ltd, INPEX Corporation, Hess Corporation, Saipem S.p.A, HD Hyundai Heavy Industries Co. Ltd., TechnipFMC plc, Harbour Energy PLC, SBM Offshore N.V., Samsung Heavy Industries (SHI), Hanwha Ocean Co. Ltd., MISC Berhad, MODEC Inc., BP Plc., Bluewater Energy Services B.V., Teekay Corporation, Sembcorp Marine Ltd, Bumi Armada Berhad, BW Offshore Limited, Keppel Offshore & Marine.

North America was the largest region in the floating production storage and offloading market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the floating production storage and offloading market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the floating production storage and offloading market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The floating production storage and offloading market consists of revenues earned by entities by providing floating production storage and offloading services such as oil and gas processing, operations and maintenance, supply chain management, maintenance and asset integrity, and offloading services. The market value includes the value of related goods sold by the service provider or included within the service offering. The floating production storage and offloading market also includes sales of storage tanks, mooring systems, offloading systems, control and safety systems, power generation systems, and subsea equipment which are used to provide floating production storage and offloading services. Values in this market are factory gate values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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